Several senior officials at the Bank for International Settlements (BIS) believe that tech giants should be monitored in particular by financial regulators.

Central banks will have to deal specifically with financial regulators. In a message sent by BIS officials, in an article published Monday in the institution's newsletter, tech giants are presenting unprecedented challenges to financial regulators around the world. The BIS plays a key role in international financial regulation. What worries the economists at the Basel-based institution in particular is the rapid growth of tech giants in the financial sector and the threats that this may represent in terms of financial stability or even data confidentiality. By exploiting their users' data and taking advantage of network effects, giants like Google, Facebook, Amazon, Tencent or Alibaba have acquired unprecedented market shares. In China, for example, Alipay and Tenpay (WeChat Pay) together hold no less than 94% of the mobile payment market

The authors of the message suggest that central banks work closely with competition authorities as well as those responsible for data regulation. They also recommend establishing specific rules based on entities, not activities. Currently, financial service providers must be licensed for specific business sectors